“Graphic” Display of The Market

The number of Active homes on the market declined, albeit just a little. This is welcome news to start the New Year. Because, as I have mentioned, just like in golf, supply “drives” everything else. January ended with a total of (388). Of which (110) were Resales and (278) New Homes.

RESALES:

Although Sales Prices plummeted in December, they more than rebounded in January. Average Sales Price Per Square Foot is actually more important, and remains steady. That’s the end of the good news though. The new low of homes Sold is very concerning. This coupled with the increases in the Months of Supply, which puts downward pressure on Sales Price and increases Days on Market, are both concerns that need to change in February!

NEW HOMES:

I show New Home stats because they are a fierce competitor for the Resales. Good news is that they are now mostly building in lower price ranges. But, they are also setting the standards for design and finishes; which affects every price range. Price Per Square Foot remains consistent. And, it looks like Sales dropped because they lacked supply at the end of the year. What is again is a concern, is the Months of Supply that also exceeds 5-months. This is becoming a problem…

WHEN TO SELL?

This has been a very volatile market for the last couple of years. Sales velocity, Days on Market and Home Prices vary almost on a month-to-month basis. And, the Election results will have a significant impact too. In short, lots of changes to the market. So, if you would like a FREE market analysis to see what your home is worth, just reach out to us. We’d be pleased to help you. We’ll also provide insight about when is the best time FOR YOU to buy or sell.